The kids had a ball we loved it. Jersey was great the people of jersey were great to us. The water by the way the water is i mean, the ocean beautiful. Drinking water in jersey still is probably my only complaint. I have to go brita or bottled. But i got this tattoo which i know that you guys showed off last week. I got a lot of neosporin on it right now. Just to keep the bacteria, thats what they say youre supposed to do but at some point well show it off and do the grand reveal. They asked me if we wanted to show it and i said no he never liked it on twitter and im not sure that he really liked it so you brought it up. I wasnt going to bring it up. To be honest with you, i came to it late i was actually trying to not even be on twitter that much and i saw it and it was too late to start retweeting because it was a day after clearly you had shown it off and i didnt realize that i had sent that picture to you but i didnt realize that everybody would get to see it this way. It was fun. Im going to get one for you crazy again today. You can bring us up to date on that. Lets checkin on our u. S. Equity futures up 219, 220 points right now nasdaq looking over 110 points higher treasury yields, the disconnect continuing to be real but none the less, a ten year note,. 646. Crazy, record high stock prices and low Interest Rates. Youd think things were just going great. And then all of this other stuff. Meanwhile, thats all we need. Two major storms are on track to hit the gulf coast the u. S. Gulf coast this week, louisiana and mississippi as well as texas, dapg roungerous waters, storm surges theres two of them. One is a Tropical Storm. Its marco, going to make landfall in louisiana today it was downgraded from a hurricane last night the other one is a Tropical Storm as well. Laura already hit puerto rico and the u. S. Virgin islands. Laura is expected to strengthen into a hurricane tomorrow and make landfall in louisiana on thursday and officials are warning there may not be time for repairs and search and rescue between the two storms. 44 is in the path of the storm and that number jumps to 50 if either storm hits corpu corpus christi, texas, this will only be the third time that two Tropical Storms were in the gulf of mexico at the same time last time that it happened, 1959 and prior to that it was 1933. Andrew. Wow the wall street journal saying Mark Zuckerberg raised the red flag himself about tiktok in meetings in washington when he was there last fall. He made the case to President Trump at a private dinner that the rise of the Chinese Internet Company threat to american businesses should be a bigger concern than raising in facebook he also warned several lawmakers about tiktok including tom cotton that demanded an inquiry into the app a lot of finger pointing at Mark Zuckerberg who the argument was being made was using it to deflect some of the attention that was being placed on facebook and if you remember, even publicly, you have to think about the Large Companies in china. Thats the real issue. Were trying to compete with them and the news does make a little bit of sense. Theres folks on tick to be last night when the report broke that are going crazy now at Mark Zuckerberg because of course they love their tiktok and they have until september 15th to make a deal with microsoft and now oracle and well see if it all goes away otherwise. Is there a part of it where he just a patriot and saying they dont do business like us and they dont have certain values we have is it 9010 . He truly believes that this is not an upstanding, you know, that freedom may not be the top thing on tiktoks mind is it possible or do we just say hes protecting himself. No, i think youre right, joe. Nothing is black and white its always part of a spectrum and im sure that theres some part of him that has real issues with Security Problems in china as we all do i think or so many people do i should argue but at the same time, theres probably an element of the competition. He is a competitive guy. So i could see it being both i should note by the way, later today, possibly while were on the air joe, tiktok filing a lawsuit. The expectation is against the United States government for steps that its taking so well be looking for that as well. Its not just his money although its unbelievable in his 30s. Right chl. Hes grown in my eyes like the other guy thats the fourth richest man in the world that does crazy stuff but, you know if you got it, flaunt it. Elon doesnt he looks back on a lot of the controversy. Theres a few of them where you couldnt make them up. But now here we go youll talk about it later with an analyst we have news that report today that we havent brought you since march, Box Office Numbers. Theater chains reopened their doors with a new hollywood movie over the weekend, unhinged starring Russell Crowe brought in 4 million and is being considered a success as only 12 of the top theater markets allowed theaters to open they were all drive in back to the future, in areas that havent allowed areas to reopen four in california, one in deer borne, michigan, its been years. I have very fond memories of that the big things that if you forgot, youd go home with it. You can do it a lot better now. Now i think that you can either now they beam it to your radio, right . In the car you go to a channel on the radio. If you still have that unless they do it by bluetooth but that would be the next modern version i think you sit in front of the car with the kids. Keep the social distance is that how it works i think it works that way. I have not been in forever. The place that we went to, this was many years ago there was a person that came around almost like the old rootbeer stands, they come around with the popcorn to each car as they like on a trolly. Nice. But who knows. Nice. Anyway, dont come aknocking you know the saying. Coming up, President Trump announcing last night that the fda granted emergency authorization for the use of convalescent plaza reactions next check out the shares of apple crossing 500 for the first time as we head to break, take a look at the biggest premarket gainers. Squawk box is coming right back. Clean is a feeling. Its the simple joy of washing your hands, without ever touching a faucet. Its the Little Things that matter. Thats why we create moments to feel kohler clean, every day. Simon pagenaud takes the lead at the indy 500 coming to the green flag, racing at daytona. Theyre off. In the kentucky derby. Rory mcllroy is a two time champion at east lake. He scores stanley cup champions touchdown only mahomes. The big events are back and xfinity is your home for the return of live sports. Trump administration announcing yesterday that the fda granted emergency authorization for the use of convalescent plasma to treat Covid Patients the known and potential benefits outweigh the known and potential risks. Heres President Trump speaking about the treatment last night this is a powerful therapy that transfuses very, very strong antibodies from the blood of recovered patients to help treat patients battling a current infection. Last week the fda said it would not grant emergency authorization for the plaza until more data could be reviewed and President Trump said the decision could be politically motivated. Meanwhile, a new report says that the white house is considering fast tracking an experimental Coronavirus Vaccine within the coming weeks. That here is before the november election i could have figured that out. But thank you for imlying why were doing it the former fda commissioner that also serves on the boards of al alumina and pfizer he writes studies are competing for too few patients its time to direct resources toward the most promising therapies. Were you aware that it would be before the november election anyway, do you agree with what the president decided to do . Do we know that the possible net benefits outweigh the possible risk and if you were still at the fda would you be in favor of this this is an almost use authorization in the setting of a Public Health emergency. So its not the standard for trump approval its that the drug or therapeutic may provide a benefit. I think on the basis of the data set thats available its reasonable to conclude that this may provide a benefit to patients who are suffering from covid. And its a very large data set there wasnt an indication that this were serious side effects so we have a lot of experience using it we have seen where it does provide benefit. Weve seen situations where it doesnt. But i think in the setting of this Public Health emergency, it certainly met the standard for an emergency use authorization and it may provide a benefit this could be beneficial it might be weekly beneficial. It doesnt look like a home run but right now were looking for singles and doubles. That makes sense. Well see how its received. Im not sure that its going to be well received as we are going to see anyway, hopefully it works and can help some people the Astrazeneca Oxford university vaccine, which one is that which one is that that were talking about here thats right. It its vaccine. So we have done it before we may know something about the safety of that would it make sense to you to start using that at the point that it might come a little bit earlier and full scale phase three trials are finished. Do you think that it makes sense to do that look, i think you need to do research with the vaccines theres two trials underway. A 30,000 patient trial noted these trials are enrolling very quickly. I think what the Financial Times was reporting on is that theres a trial underway in the United Kingdom with that vaccine involving 10,000 patients. That hasnt fully enrolled yet its about three quarters enrolled but because its a smaller trial it could read out sooner than the trials underway in the u. S and would they feel the same on the basis of a small data set involving only u. K. And british citizens and not an american trial. I think that theres going to be some added complexity to this and that that vaccine started out as a single dose and they were finding that they werent getting the strong immune response with just a single dose so they went toward a double dose like the u. S. Vaccines are, like the two different doses so that might further confound the ability to draw very clear conclusions from the trial im not sure do you at this point, does anyone, any scientist, any research indicate the disfferen modes. Whether its the astrazeneca method or one or the other will bare fruit were trying to get them all but is one more tested that we can trust the safety of it they are early data sets that you have they would listen to a response that would be greater than what you would see for the vaccines but what we have seen is the vaccines, at least the ones in development so far that are in advanced development arent going to be single dose vaccines and also a response. The differentiation that we thought we might see early on we havent seen so its hard to say which vaccine might be more robust based on the limited data sets we have right now its going to require them to make those kinds of judgments. Theres a concern and worry that a lot of people may not decide to take it or at least not initially because they would be worried about side effects or worse and because so many of these things or at least some of them are based on new technology does it somehow create a side effect later on. Within the medical community what are the side effects right now that people are concerned about beyond the usual headaches and fevers that frankly the flu vaccine has given me over the years. One of the theoretical concerns is the question of whether or not the spike protein in the vaccine is actually the protein thats eliciting some of the post viral auto immune type of phenomenon that were seeing with the actual Covid Infection because were seeing incidences of people, children for example and adults that develop it and the question is what is triggering that. Is it some protein in the virus itself is it some interaction between the virus and human host so if its the spike protein and the common link between the disease and phenomenon then theres a theoretical possibility that the vaccine that contains the protein or elicits the production of the protein could have the side effects. So thats at least a theoretical concern that you want to discharge and you need a large trial to do it a 30,000 patient trial underway in the u. S. Should provide a sufficient data set to recharge the risk they become manifest weeks or a month or two after you get the viral infection so you should see them in a reasonably sized Clinical Trial with reasonable follow up. All right thank you. Well see you later this week. Hopefully update the state of things in the trouble spots and europe visit that as well at some point. Anyway, thank you. Well see you later. Coming up when we return on the other side of the break, its this years hottest trend a Blank Check Company will discuss what it means all ahead. As we head to a break, check out Airline Stocks this morning. Theyre among the biggest gainers right now. Right back after this. Youre looking at southwest air up over 3 back in a moment pampers the 1 pediatrician recommended brand, helps keep baby skin dry healthy so every touch is as comforting as the first pampers. The 1 pediatrician recommended brand wow. Jim could you ipop the hood for us . . There she is. Turbocharged, right . Yes it is. Jim, could you uh kick the tires . Oh yes. Can you change the color inside the car . Oh sure. How about blue . Thats more cyan but. Jump in the back seat, jim. Act like my kids. How much longer . Exactly how they sound. Its got massaging seats too, right . Oh yeahhhhh. Oh yeahhhhh. Visit the mercedesbenz summer event or shop online at participating dealers. Get 0 apr financing up to 36 months on select new and certified preowned models. Welcome back to squawk box this morning luminar going public through, yeah, a special purpose acquisition company. Also known as a Blank Check Company. Investors put money in without knowing how or when it will be deployed also al is with us the founder and ceo of the local investment firm. Good morning to both of you. Congratulations on this deal austin, ill start with you in terms of walking us through the transaction but tell us why you decided to go the route of a spac it seems to be the most popular thing going on wall street and why bypass the ipo process . And being able to get out there and have some greater certainty around things. It always made a lot of sense. But nows proven out with the electric vehicle and companies in this segment going out there with this. Well give you credit as pie nowheres of the recent vintage at least whats happening here . Why are people doing this . Speak to the Fee Structure of all of the things. A lot of times historically, people thought of these really as, you know, a vehicle or for sponsors to make an enormous amount of money massacre raiding as an investment strategy. They shifted though over the years now. Sure they have. They have really become a great way to go public and much more efficient way to get the Public Markets for companies. And also work very well with the volatile markets and we just finished raising our 6th one. Were very excited its been a great vehicle to do lots of things with companies and to find great dealers and great companies. In terms of investors that want to value this company and street it as a stock as opposed to a spac, what are the other companies in the space that you think are fair competitors in terms of multiples and the like that investors should look at . From this Business Model it makes a lot of sense under what were building out for the autonomous space specifically, i think the reason why in our case is that we actually have a nearer term opportunity to be able to generate real revenue and ultimate profits with his. And to be able to have it is something that has been very attractive and then when we looked at it oh, go ahead. Sure, go ahead. When we look at it, in our eyes theres no competition, you know they are clearly leaders in the space. Hey, austin, you probably heard it many, many times before but i want to get your view on this elon musk very publicly, doesnt believe that the main product that you make and service that you provide is ultimately going to be necessary to autonomous driving. He has always argued that cameras will do just as well as the laser going around and mapping things around you. Our other partners would certainly disagree but that said, to be fair, historicallies had its own limitation from an economic perspecti perspective. We have something that instead of being a massive roof rack on a vehicle can be seamlessly integrated and be applicable to not just taxis or trucks but also consumer vehicles as well so thats where this is this is now the Business Case makes a lot of sense but when it comes to a product standpoint you dont actually need this kind of High Performance if you want to do a basic level meaning that if you want to be on the road, constantly paying attention, ready to take over the wheel at any given moment whenever it makes a mistake which is actually shockingly frequent on the order of tens of miles so if you want to get out of the loop and you want to be actually autonomous, you need it and right now luminar is the only company that meets that spac. Theres not going to be the little laser police siren. No. What is your realistic view about when were actually going to have genuine autonomous meaning i get in the car and i say take me to the office and the car actually does it. So heres the thing full autonomy end to end, this is more like a 2030 problem that were talking